Trusts and Executries
The general perception of Trusts are that they are very complicated to set up and administer and are only suitable for wealthy clients. This is not necessarily the case. Trusts can have a number of purposes but are commonly used and incorporated into Wills or tax planning schemes.
Here are some of the reasons you might want to set up a Trust:
- as a legitimate tax planning tool
- to apply assets to look after family members who are too young to manage their own financial affairs or who are incapable of looking after themselves
- for a family business where shares are often put in trust to keep the business stable in the event of a family member’s death.
We have considerable experience in the drafting and setting up of trusts and are able to provide a continuing management service in respect of the trust assets and to deal with the taxation issues and the winding up of the Trust when appropriate.
When we talk about Executries in Scots law we mean assisting people with all legal aspects of a bereavement. Our team of solicitors and trust and executry specialists are here to guide you with compassion and understanding through registering the death, arranging the funeral, ascertaining the assets of the deceased, obtaining Confirmation of Executors on the estate (which can be a complex process) and to deal with the process of uplifting and transferring the estate to the beneficiaries.
FAQ – How long does it take to wind up an Estate?
Unfortunately we are not able to tell clients how long the process will take because it is very much dependent on receiving information from third parties such as banks, pension companies, Government departments etc. Often there is a property to sell which can add to the time it takes. Please be assured however that we will keep you updated of progress at all times.
FAQ - When is Inheritance Tax payable?
Inheritance Tax (IHT) is payable by the end of the six month period after the person has died. This can create a bit of a catch-22 situation because HMRC have to be paid before Confirmation is granted (Confirmation is the official document allowing the Executor to uplift funds). If there is sufficient cash in the deceased’s estate to pay the IHT due then it’s possible for the bank/building society to pay HMRC direct. If the estate comprises property, then Executor loans are available. If you have been appointed Executor of an Estate where IHT is payable we can assist you every step of the way.